Establishes a tax credit for grocery donations to food pantries.
Summary
Bill A03385 proposes to amend New York's tax law to establish a tax credit for grocery donations made to food pantries. The bill allows eligible taxpayers, such as grocery stores, food brokers, wholesalers, restaurateurs, and catering services, to claim a tax credit equal to 25% of the wholesale value of their qualified donations of surplus or about-to-waste food. The maximum cumulative amount of tax credits that can be claimed under this provision is set at $5,000 per taxable year, starting from taxable years beginning on or after January 1, 2026.
Impact
The implementation of this bill will create a new tax incentive for businesses to donate food to food pantries, potentially increasing the amount of food available to those in need. It will amend sections 210-B and 606 of the New York tax law, introducing specific definitions for eligible taxpayers and food pantries, as well as establishing guidelines for determining the wholesale value of donated food. This could lead to a positive impact on food security in the state by encouraging food donations and reducing food waste.
Sentiment
The sentiment around Bill A03385 appears to be generally supportive, as it aims to address food insecurity and promote charitable giving among businesses. However, there may be concerns regarding the fiscal implications of the tax credits on state revenue, which could lead to discussions in committee or among stakeholders about the balance between supporting food donations and maintaining state budgetary health.
Contention
Notable points of contention may arise regarding the potential cost of the tax credits to the state budget and whether the benefits of increased food donations will outweigh these costs. Some lawmakers may express concerns about the effectiveness of tax credits as a means to encourage donations, while others may advocate strongly for the bill as a necessary step to combat food waste and support local communities. The lack of voting history or committee discussions makes it difficult to ascertain specific opposing viewpoints at this time.
Establishes a tax credit for food service establishment donations to food pantries, in the amount of fifty percent of the marketed value of each of the taxpayer's qualified donations up to six dollars per qualified donation, beginning with the 2027 tax year.
Establishes a tax credit for food service establishment donations to food pantries, in the amount of fifty percent of the marketed value of each of the taxpayer's qualified donations up to six dollars per qualified donation, beginning with the 2027 tax year.
Increases tax credits for donations to food pantries made by farmers by increasing the allowable percentage of the fair market value of such donations and increasing the maximum amount of such credit.
Increases tax credits for donations to food pantries made by farmers by increasing the allowable percentage of the fair market value of such donations and increasing the maximum amount of such credit.
An act to amend Sections 17053.88.5, 18855, and 23688.5 of the Revenue and Taxation Code, relating to taxation, and making an appropriation therefor. therefor, and declaring the urgency thereof, to take effect immediately.
Establishes school-based food pantries in high-need schools in the city school district of the city of New York; provides for funding from state sales and compensating use taxes imposed on receipts from the retail sale of hot and prepared food sold by supermarkets and grocery stores within the state.
Establishes school-based food pantries in high-need schools in the city school district of the city of New York; provides for funding from state sales and compensating use taxes imposed on receipts from the retail sale of hot and prepared food sold by supermarkets and grocery stores within the state.